Fasken Martineau, a leading international business law and litigation firm, was instrumental in securing a $1.25-billion settlement on behalf of First Quantum Minerals (FQM) after it was excluded from its operations by the Democratic Republic of the Congo (DRC). In one of the largest recoveries in a sovereign related dispute, FQM, Eurasian Natural Resources Corp. Plc (ENRC) and the DRC agreed to settle all outstanding disputes related to three mining properties in the DRC as part of a sale by FQM to ENRC of its interest in such properties and certain other assets in the DRC.
“This was an unusual case: the client wanted to be reinstated in its properties and hoped to contribute to transparency and legal order in the DRC,” said Geoffrey Cowper, leader of Fasken Martineau’s Litigation & Dispute Resolution group. “Our ability to operate in a bilingual environment, our expertise in civil and common law, and an innovative approach to strategy in a complex international arbitration case, served our client well.”
Fasken Martineau represented FQM, as well as the International Finance Corp. (associated with the World Bank) and the International Development Bank (associated with South Africa) in two international arbitrations.
The Litigation & Dispute Resolution team was led by Geoffrey Cowper, assisted by Dominique Gibbens, René Cadieux and Philippe Charest-Beaudry in Montréal, Keri Gammon in Toronto, Colin Edstrom in Vancouver, and Robert Paydon in London. FQM was also served by Simmons & Simmons’ Paris office led by Yves Baratte.
The purchase and sale was shepherded by John Turner and Daniel Batista in the Toronto Securities, Mergers and Acquisitions group, with assistance from Nigel Gordon and June Paddock, in the Corporate/Commercial group in London. The Government Relations and Ethics support was provided by Dan Brock in Toronto.
